ALL FOR GROWTH, GROWTH FOR ALL

George GunsetCHICAGO TRIBUNE

From the paneled boardrooms of Wall Street to the quiet cloisters of editorial writers, conventional wisdom dictates that sound money and perhaps the fate of the republic depends on the reappointment of Alan Greenspan as chairman of the Federal Reserve Board.

President Clinton's reputation doesn't include spitting into a stiff breeze, so it is probably vain to hope that a new top central banker will be nominated before Greenspan's term ends early next month. Such an unexpected bold move would certainly create short-term trading opportunities.

Last week, in the face of opposition by Republican senators, Democratic activist and Wall Street investment banker Felix Rohatyn withdrew his name from consideration for the vacant post of Fed vice chairman. Rohatyn's view that economic growth is at least as important as fighting inflation would have been a welcome counterbalance to the traditional Greenspan.

With another vacancy to fill on the board, Clinton had been expected to nominate Greenspan, Rohatyn, and one other as a package. GOP senators aren't buying, so we have a modest proposal.

Mr. President, since you have adopted many Republican programs, why not dump Greenspan and appoint a Republican who always has had a growing economy as his top priority? Hand the Senate a political football: Name Jack Kemp to the second most powerful position in the country.